Economics - Study Mode

[#376] The cost which a firm incurs for purchasing or hiring factors is called
Correct Answer

(B) Explicit

[#377] The Communist Manifesto, written jointly by Marx and Engels's was published in
Correct Answer

(B) 1848

Explanation

Solution: The Communist Manifesto, written jointly by Marx and Engels's was published in 1848.

[#378] Every factor of production gets rewarded equal to its
Correct Answer

(B) Marginal product

Explanation

Solution: Every factor of production gets rewarded equal to its Marginal product. No single firm can influence the market price of a factor of production. Therefore, in order to get the equilibrium position, a firm will employ labourers up to a point where their respective marginal revenue productivity is equal to their wage rate.

[#379] Utility is more closely related to the term
Correct Answer

(D) Satisfaction

Explanation

Solution: Utility is more closely related to the term Satisfaction. The term was introduced initially as a measure of pleasure or satisfaction within the theory of utilitarianism by moral philosophers such as Jeremy Bentham and John Stuart Mill.

[#380] The short run
Correct Answer

(B) Requires that at least one input is fixed

Explanation

Solution: The short run Requires that at least one input is fixed. The short run is a concept that states that, within a certain period in the future, at least one input is fixed while others are variable.